{"id":42996,"date":"2021-05-23T14:52:02","date_gmt":"2021-05-23T11:52:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42996"},"modified":"2025-08-31T01:39:22","modified_gmt":"2025-08-30T22:39:22","slug":"media-goldman-sachs-recognises-cryptocurrencies-as-an-asset-class-in-new-report","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-goldman-sachs-recognises-cryptocurrencies-as-an-asset-class-in-new-report\/","title":{"rendered":"Media: Goldman Sachs recognises cryptocurrencies as an asset class in new report"},"content":{"rendered":"<p>In a new report, the investment bank Goldman Sachs recognises cryptocurrencies as an asset class, a year after stating the opposite. Screenshots of the document were posted on Twitter by economist Alex Kr\u00fcger.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Crypto <a href=\\\"https:\/\/t.co\/VM02a7UD8C\\\">pic.twitter.com\/VM02a7UD8C<\/a><\/p>\n<p>\u2014 Alex Kr\u00fcger (@krugermacro) <a href=\\\"https:\/\/twitter.com\/krugermacro\/status\/1395884460403564546?ref_src=twsrc%5Etfw\\\">May 21, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The bank gathered opinions from cryptocurrency-related firms: Grayscale Investments, Galaxy Digital, Chainalysis, Global FX and others, as well as industry critics.<\/p>\n<p>The authors of the report noted the distinctiveness of many digital assets. According to them, Bitcoin has a high market capitalisation, XRP is a real-time settlement system, and Ethereum is a smart-contract platform.<\/p>\n<p>Goldman Sachs also described BNB as a token for practical applications in apps, and Polkadot as a blockchain platform enabling interoperability across chains.<\/p>\n<p>Analysts at the bank presented a Bitcoin price chart dating back to 2013 and said that digital gold has always recovered to new highs, despite deep price declines.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"und\\\" dir=\\\"ltr\\\">2013-2016 sv 2017-2021 <a href=\\\"https:\/\/t.co\/7b1DG6pHXu\\\">pic.twitter.com\/7b1DG6pHXu<\/a><\/p>\n<p>\u2014 Alex Kr\u00fcger (@krugermacro) <a href=\\\"https:\/\/twitter.com\/krugermacro\/status\/1395884478015418369?ref_src=twsrc%5Etfw\\\">May 21, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to Mike Novogratz, founder of crypto bank Galaxy Digital, inflows of institutional investors underscore the appeal of Bitcoin.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cThe world has given its verdict, recognising Bitcoin as a good store of value,\u201d the investor stated.<\/p>\n<\/blockquote>\n<p>The head of Grayscale Investments, Michael Sonnenshein, called the limited issuance of digital gold a \u201chedge against inflation and currency debasement.\u201d<\/p>\n<p>Nouriel Roubini, professor of economics at New York University, questioned the willingness of most financial institutions to subject themselves to the volatility and risks of cryptocurrencies.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cSomething that has neither yield, practical value nor a link to fundamental economic factors cannot be considered a store of value or an asset in principle,\u201d added the cryptocurrency critic.<\/p>\n<\/blockquote>\n<p>The leaker claims that in the coming days the report will be published on the <a href=\\\"https:\/\/www.goldmansachs.com\/insights\/series\/top-of-mind\/index.html\\\" target=\\\"_blank\\\" rel=\\\"noreferrer noopener nofollow\\\">Goldman Sachs site<\/a>.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">If I read that report and were a nocoiner, I\u2019d go look at the charts, recognise this as a great entry point, and go shopping. Granted, I\u2019m not a dinosaur.<\/p>\n<p>\u2014 Alex Kr\u00fcger (@krugermacro) <a href=\\\"https:\/\/twitter.com\/krugermacro\/status\/1395885559638286341?ref_src=twsrc%5Etfw\\\">May 21, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cIf I had read that report and did not own coins, I would look at the charts, realise this is a great entry point for entering the market, and go shopping,\u201d Kr\u00fcger wrote.<\/p>\n<\/blockquote>\n<p>In May 2020, the bank held an investor presentation titled \u201cCryptocurrencies, including Bitcoin, are not an asset class.\u201d<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe believe that equity value, whose appreciation mainly depends on whether someone is willing to pay a higher price for it, is not a suitable investment for our clients,\u201d Goldman Sachs said at the time.<\/p>\n<\/blockquote>\n<p>In January 2021, CoinDesk, citing a source close to the matter, reported plans for the bank <a href=\"https:\/\/u1f987.com\/en\/news\/goldman-sachs-weighs-entry-into-the-crypto-market\">to enter the cryptocurrency market<\/a>.<\/p>\n<p>In March, a Goldman Sachs survey showed that 22% of the bank&#8217;s clients <a href=\"https:\/\/u1f987.com\/en\/news\/survey-22-of-goldman-sachs-clients-expect-bitcoin-price-to-rise-above-100000-within-a-year\">expect Bitcoin price to rise above $100,000<\/a> within a year. According to the results, 40% of respondents own cryptocurrencies.<\/p>\n<p>In April, Goldman Sachs chief David Solomon <a href=\"https:\/\/u1f987.com\/en\/news\/goldman-sachs-chief-predicts-major-evolution-in-the-cryptocurrency-market\">predicted a \u201cmajor evolution\u201d of the digital assets industry<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our Telegram \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investment bank Goldman Sachs, in a new report, recognised cryptocurrencies as an asset class a year after stating the opposite.<\/p>\n","protected":false},"author":1,"featured_media":42997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1269,728],"class_list":["post-42996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrencies","tag-goldman-sachs"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42996"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42996\/revisions"}],"predecessor-version":[{"id":42998,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42996\/revisions\/42998"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42997"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}